Annual Report 2020 2 Annual Report 2020 Annual Report 2020
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Annual Report 2020 2 Annual Report 2020 Annual Report 2020 3 Contents 01 02 03 Foreword from the Brief Portrait Development Family Shareholders of the Group and Outlook --- --- --- 06 Introduction 08 About the Group 18 The Liebherr Group in 2020 4 Annual Report 2020 04 05 06 Reports on the Group Companies Consolidated Product Segments --- Financial Statements --- --- 34 Earthmoving 58 Summary of Group Companies 68 Consolidated Balance Sheet 36 Material Handling Technology 69 Consolidated Income Statement 38 Deep Foundation Machines 70 Consolidated Statement of 40 Mining Comprehensive Income 42 Mobile and Crawler Cranes 70 Consolidated Statement of 44 Tower Cranes Changes in Equity 46 Concrete Technology 71 Consolidated Cash Flow 48 Maritime Cranes Statement 50 Aerospace and Transportation 72 Notes to the Consolidated Systems Financial Statements 52 Gear Technology and Automation 88 Report of the Statutory Auditor Systems 89 Five-Year Summary 54 Refrigeration and Freezing 56 Components Contents 5 Foreword from the Family Shareholders Business Year 2020 --- The family shareholders active Dear readers, in the Group (from left to right): Jan Liebherr, Stéfanie Wohlfarth, Sophie Albrecht, Philipp Liebherr, 2020 was a year unlike any other. The corona- Patricia Rüf, Johanna Platt, Isolde virus pandemic affected us in ways we could Liebherr, Willi Liebherr never have imagined and presented us with many unprecedented challenges. How does one evaluate such a year from an entrepreneurial perspective and measure success in times like these? We could perhaps start by examining the usual key figures from our balance sheet or the Profit & Loss statement. However, economic success seems to pale in significance at a time when people’s wellbeing is the main priority. Health is and remains the most important consideration. This is why over the past year, our top priority has been to minimise the risk of infection among our employees, their families and our business partners, whilst ensuring that the business con- tinues to run smoothly. This required an enor- mous effort and demanded a great deal from our employees. We would like to take this opportunity to thank our employees in particular. We would not have withstood the challenges of the past year without the outstanding efforts of our nearly 48,000 employees. They have shown incredible commitment under the most difficult circum- stances and have demonstrated a huge amount of creativity and loyalty. We would therefore like to thank everyone at Liebherr for their contribu- tion during these times, which are also challeng- ing on a personal level. In view of this, we feel even more proud to report that the Group’s total 6 Annual Report 2020 turnover has exceeded well over € 10 billion. ards for our customers. For example, we have developed So how should we put this year into perspective? Sales many new machines, components and technologies to inevitably fell after three years of strong growth, which drive forward energy-efficient innovations in building affected some of our product segments more than others. construction, transport, air travel and refrigeration. We We were even forced to introduce HR policy changes in one are also developing new fuel cell systems and automation part of our business. However, the impact of the pandemic concepts for battery pack assembly. Our digital tools, such on the Group as a whole was significantly less than we had as the Crane Planner, MyJobsite and our Remote Service originally thought it would be at the outset. We could even App have also ushered in new and sustainable ways of close the year with a positive operating result. Our Group working and have allowed us to explore new ways of dis- has proven its strength. In a time that is characterised by tributing our products and providing customer service. social distancing, we have managed to remain close to our Today, we can therefore draw a positive overall conclu- customers, figuratively speaking. We maintain long-stand- sion from the year 2020. It has shown us that we will get ing partnerships with many of them and we know that we through the pandemic together and it allows us to view the owe our positive year-end results to the continuing trust 2021 financial year with optimism. our customers have placed in us. Therefore, we would like to express our sincere gratitude for their loyalty. We will ensure that they can continue to count on the quality of our products and services. In 2020, we worked on numerous future-looking solutions Dr. h.c. Dipl.-Kfm. Isolde Liebherr Dr. h.c. Dipl.-Ing. (ETH) Willi Liebherr to ensure that we continue to achieve the highest stand- Presiding Committee of the administrative board of Liebherr-International AG 02 Brief Portrait of the Group 8 Annual Report 2020 9 Brief Portrait The Liebherr Group Founded in 1949, the Group today comprises over 140 companies on all continents and employs 47,925 people. The Liebherr Group is a technology company with a broadly particular durability. With its innovations and visionary diversified product programme. The company is one of the technologies, the company strives to inspire its custom- world’s largest manufacturers of construction machines, ers. In the process, the limits of what was previously pos- but also offers high-quality, user-oriented products and sible are constantly being redefined, enabling Liebherr to services in many other fields. The Group’s holding company frequently contribute to technological progress. Working is Liebherr-International AG, based in Bulle (Switzerland). together on these fascinating tasks creates a strong All its shareholders are members of the Liebherr family. For bond that Liebherr’s employees can rely on – across na- the family company, long-term success, sustainable devel- tional borders and continents. opment, stability and reliability matter. Liebherr develops and manufactures an enormous variety of fascinating products. They are renowned on world markets for their high precision, excellent design and Principal locations of Liebherr companies 10 Annual Report 2020 10,341 605 € m turnover € m investments 47,925 employees > 40 > 140 production companies companies 13product segments Self-concept The Liebherr Group was founded in 1949 by Hans An elementary part of the company are its Liebherr, a man driven by passion, visionary employees: each individual contributes with ideas and with a flair for future-looking tech- personal ideas and commitment to create great nology. To this day, Liebherr has demonstrated things – no matter how demanding the task at stability and reliability, thanks to the personal hand. Liebherr reacts flexibly to the wishes of commitment of the company’s owners and the its customers and offers custom-built solu- self-concept as a family-ompany, and is known tions. With innovative technologies, the limits as a pioneer of future-looking innovations with of what is possible are constantly being rede- the highest-quality standards. Liebherr is and fined. The close customer relationships and the remains a wholly family owned business with high value placed on customer benefit build the a high degree of freedom of action and deci- foundations of the Group’s success and form an sion-making in all of its activities. A high equity important part of its tradition as a family com- ratio and diverse product portfolio allow the pany. As descendants of the company founder Liebherr Group to compensate for market-relat- the family shareholders are conscious of their ed economic fluctuations. The value-oriented entrepreneurial responsibility. What matters are corporate culture ensures a strong bond and a long-term success and sustainability as bases trusting relationship with partners and cus- for future development and a solid financial tomers over years and decades – characterised standing – profits are reinvested and, by re- by fairness and mutual respect. Maintaining maining within the company, thus guarantee the integrity as a business partner and job security future of the Group. are important corporate directives. Liebherr-International AG Company Information Head office CH-1630 Bulle / FR Share capital CHF 100,000,000 Shareholders Liebherr family (100 %) Dr. h.c. Willi Liebherr, Chairman Dr. h.c. Isolde Liebherr, Vice-Chairman Hubert Liebherr Sophie Albrecht Administrative board Jan Liebherr Patricia Rüf Stéfanie Wohlfarth Johanna Platt Philipp Liebherr Andreas Böhm Dr. Rolf Geyer Managing directors Stephan Raemy Uwe Rechtsteiner Auditors Ernst & Young AG, Berne 12 Annual Report 2020 The family shareholders active in the Liebherr Group Dr. h.c. Willi Liebherr Dr. h.c. Isolde Liebherr Chairman of the administrative Vice-Chairman of the administrative board of Liebherr-International AG board of Liebherr-International AG Jan Liebherr Stéfanie Wohlfarth Sophie Albrecht Member of the administrative Member of the administrative Member of the administrative board of Liebherr-International AG board of Liebherr-International AG board of Liebherr-International AG Patricia Rüf Johanna Platt Philipp Liebherr Member of the administrative Member of the administrative Member of the administrative board of Liebherr-International AG board of Liebherr-International AG board of Liebherr-International AG From generation to generation Liebherr is an independent family-run business that is man- product policy, and financial and investment policies. In aged jointly by the second and third generations of the family. addition to the siblings Dr. h.c. Willi Liebherr and Dr. h.c. This continuity as well